Janet Yellen and Chinese Deputy Prime Minister Liu He discussed the resolution of trade issues

US and China renew preliminary talks to end the tariff war

There has been renewed contact between the United States and China in connection with the trade dispute between the two countries. US Treasury Secretary Janet Yellen and Chinese Deputy Prime Minister Liu He spoke at a video meeting.

According to a statement by the Chinese Ministry of Commerce, Yellen and Liu were talking about ‘a matter of mutual interest’. Details of when the two countries would resume formal negotiations to settle their tariff war were not released.

Last Thursday, representatives of the US and China spoke about their trade relations for the first time since US president Joe Biden took office. Liu then spoke with the new American Trade Representative, Katherine Tai.

Biden himself said earlier that he considers China to be the biggest competitor. He is not looking for a conflict with China, but ‘will defend American interests in all areas’.

US and PRC have been involved in a trade dispute for three years, with mutual penalties. In particular, the Americans accuse China of unfair trading practices, illegal state aid, market barriers and theft of intellectual property. In January 2020, a partial agreement was signed, which reduced some of the import duties. China also promised to buy more American products.

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